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February 5, 2019

Foreclosures Drop Big, but Maryland and Baltimore have relatively high rates.

Many real estate investors find their fix and flip deals in bank foreclosure sales, (REO’s). This strategy has been less productive lately, as foreclosure rates have declined dramatically.

According to AttomData, foreclosures were down 8% in 2018, and were down 78% from the peak number in 2010 at the end of the housing bust.

From Attom Data:

“Those 624,753 properties with foreclosure filings in 2018 represented 0.47 percent of all U.S. housing units, down from 0.51 percent in 2017 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005.”

While this is indicative of a healthier economy and more realistic lending practices, it also poses a challenge for investors.

Among local markets, Baltimore and the State of Maryland have among the highest foreclosure rates in the country. Maryland is at .86% of all residences, Baltimore at .89%. Baltimore has 10th highest foreclosure rate in the US. Maryland had the 3rd highest state level foreclosure rate.

For more information click here to go to Attom data.

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